Hines acquires multifamily asset in Maryland

Hines Global Income Trust has acquired Alloy by Alta, a new 275‐unit multifamily asset located adjacent to the University of Maryland in College Park, Md. Rebranded The Alloy, the seven-story asset will increase Hines Global’s living sector investments to more than $430 million globally.

Sherri Schugart, president and CEO of Hines Global, said, “We are excited about expanding Hines Global’s presence in the U.S. multifamily market with this strategic acquisition.”

The Alloy is the newest and among the highest‐quality assets in College Park. After delivering in first quarter 2019, the asset leased at an average rate of more than 40 units per month and is currently 97.5 percent leased.

The student-dominant multifamily asset has first-rate amenities and offers one-, two- and three-bedroom apartments with units averaging 838 square feet. In addition to being less than one mile away from the University of Maryland, The Alloy is also conveniently located n